The state-owned North Dakota Mill and Elevator in Grand Forks had a good fiscal year 2023, posting record sales and profits.
The mill reported $5.9 million in profits during the fourth quarter, Prairie Public reported.
“That’s an 18% increase above last year’s fourth quarter profits,” Mill Manager Vance Taylor told the state Industrial Commission last week. The commission composed of Gov. Doug Burgum, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring oversees the flour mill.
The mill made $17.2 million for the full fiscal year, compared to $14.7 million in fiscal 2022.
“That’s an increase of 17%, and is a new record,” Taylor said.
Profits are driven by increased shipment volumes and market volatility, according to Taylor.
“Fourth quarter sales were $125,978,000, compared to $139,409,000 last year,” he said. “It’s down slightly due to wheat prices being somewhat lower.”
But Taylor said sales for the year totaled $532 million, compared with $473 million in fiscal 2022.
“That’s also a new record for us,” he said.
The North Dakota Mill and Elevator is the only state-owned mill in the U.S. It marked its 100th anniversary last year. It handles about 40 million bushels of North Dakota spring wheat and durum wheat each year.
Source : Bismarck Tribune